Citizens Property Insurance Corporation Surplus Note Depopulation Program
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1 Citizens Property Insurance Corporation Surplus Note Depopulation Program General This Surplus Note Depopulation Program (Program) is being adopted by the Board of Governors (Board) of Citizens Property Insurance Corporation (Citizens, or the Corporation) pursuant to the provisions of Section (6)(q)3.a, which requires the Corporation to adopt one or more programs subject to approval by the Florida Office of Insurance Regulation (OIR) for the reduction of new and renewal writings in the Corporation. This Program will be in addition to and will supplement available takeout plans already approved by the Board and the OIR. The purpose of this Program is to encourage the removal of personal residential policies from Citizens by established insurers through a loan mechanism which enables the assumption of large blocks of business and utilizes the surplus note to support the assumption. Given the size of the assumption and the financial commitment being made by Citizens, there must be stronger standards than the traditional takeout plan both in terms of the financial strength of the assuming insurer and the terms of the assumption. Refer to the Assumption Agreement and Surplus Note Agreement for specific terms and references. Program Overview Citizens will dedicate a maximum of $350 million to support assumptions of policies pursuant to this Program, with a maximum of $300 million from the Personal Lines Account and a maximum of $50 million from the Coastal Account. The maximum amount an individual company (assuming insurer) can receive from Citizens under this Program through a surplus note is $50 million. More than one company within a company group may participate in this Program. The amount of the surplus note will be calculated as a function of the FHCF premium for each policy assumed times a multiplier of four. However, this amount will be capped at the aggregate premium differential for the assumed policies. Each surplus note must result in the assumption of policies with a minimum Total Insured Value of $5.5 billion. Companies desiring to participate in the Program will be required to submit an application to Citizens, which will address financial eligibility and business plan elements. Each Program participant must obtain from the OIR written approval of its surplus note participation proposal as a condition of the issuance of the surplus note.
2 Key Surplus Note Terms Companies desiring to participate in the Program will be required to enter into a surplus note under terms prescribed by Citizens. Some of the more significant terms appear below. The duration of the surplus note is 20 years. Interest on the surplus note will be the same as the 10-year US Treasury note rate. Interest does not compound. The interest rate will be adjusted to reflect the current US Treasury rate on a quarterly basis. The surplus note will require payment of interest only during the first three years. The surplus note contains no prepayment penalty. 5% of the total surplus note proceeds will be retained by Citizens until the final true-up date in consideration of opt-outs and insured-initiated cancellations that may occur between the execution date of the surplus note and the true up date. The final amount of the surplus note will be determined on the true up date. The surplus note will be subordinate to policyholder obligations and certain other creditors but not to the assuming insurer s parent, affiliates and holders of common and preferred stock. The principal amount of surplus notes outstanding may not be included in the assuming insurer s surplus for the purpose of calculating dividends. Surplus note proceeds may be used only for investment, payment of and hurricane losses on the assumed policies. Surplus note proceeds may not be used for the following: o purchase of non-permitted investments notwithstanding special consent investments that may be permitted under Section , Florida Statutes o Purchase of physical assets o Advances, bonus payments or distribution of funds to parent, subsidiaries or affiliates The surplus note will contain an acceleration clause requiring immediate payment of outstanding principal and interest for material misrepresentation of facts. Failure to make timely payment under the surplus note or to comply with any material provision of the surplus note will result in one or more of the following: o An increased interest rate up to the maximum interest rate permitted by law o Acceleration of the repayment of principal or interest o Prohibit further assumptions from Citizens o All other remedies available at law or equity Requirements for Participation in the Program Companies desiring to participate in the Program must meet the financial requirements listed below. Financial eligibility requirements must be satisfied as a condition of the issuance of the surplus note and will be validated via a due diligence process. Following are the requirements that must be met both initially and during the term of the surplus note: The assuming insurer must have 2011 actual or 2012 projected minimum surplus of $25 million and a Risk Based Capital ratio of at least 300%; OR the assuming insurer must have actual 2011 or projected 2012 minimum surplus of $20 million and a Risk Based Capital ratio of at least 400%. Additional amounts of surplus funds may be infused such that an assuming insurer can meet these requirements;
3 however, the assuming insurer must evidence receipt of these funds prior to execution of the surplus note document. The assuming insurer must secure reinsurance sufficient to cover its seasonal 1:100 year PML with at least one reinstatement and two 1:10 year PML for a single storm season. PML shall be calculated using the most recent version of a model accepted for use by the Florida Commission on Hurricane Loss Projection Methodology. Models should be set using the long term version with demand surge. The assuming insurer must have cash and total invested assets to total liabilities of at least 1:1. The assuming insurer must have total liabilities to surplus of less than 3:1. The assuming insurer may be granted temporary relief (not to exceed 12 months) from these requirements under a Qualifying Event (as defined in the Surplus Note Assumption Agreement), and must provide Citizens with a plan of how to achieve compliance. The assuming insurer must also allow Citizens access to information that addresses various elements of business operations to allow Citizens the ability to further evaluate the assuming insurer s ability to participate in this program. These elements will be reviewed as consideration for participating in the program. 1. The assuming insurer must be admitted in the State of Florida and have direct written property premium in both 2010 and 2011 of at least $50 million. 2. A listing of all consent orders issued by the Florida Office of Insurance Regulation (OIR) since January 1, A listing of all current consent orders issued by the OIR regardless of the date of issuance. 4. A copy of the applicant s most recent audited financial statements and an indication of any changes in external audit firm in the last two years Annual Statement and June 30, 2012 Quarterly Statement. 6. Risk-Based Capital reports filed with the OIR. 7. IRIS ratios filed with the OIR. 8. The most recently completed Market Conduct annual statement. 9. The percentage of the applicant s current total Florida residential property policies (as of September 30, 2012) that have been assumed from Citizens and demonstration of compliance with those contractual terms with Citizens. 10. A summary of the applicant s policies by product, exposure, and premium. 11. Written communications received from ratings agencies (within the past 2 years) and any formal response(s) provided by the applicant. 12. Tenure of senior management and descriptions of any changes that have occurred within the prior 24 months. 13. Number of appointed agents and demonstration of sufficient agency force for the current and depopulated business. The company may wish to consider submitting the number of agents by zip code as well as counties/zip codes that are closed for new writings. 14. Complaint handling procedures as well as the number of complaints the company received during 2010 and Current and planned underwriting, claims and customer service operations and how the assumption of policies will be managed with current/expected underwriting/claims/customer service capabilities. 16. Overview of outsourced functions for the company including details of oversight and controls for the internal and outsourced operations including quality assurance.
4 17. Copies of all in force reinsurance agreements. 18. The assuming insurer must demonstrate its ability to write business that is approved by the secondary mortgage market. 19. The assuming insurer must be in compliance with the minimum surplus provision of the SBA Capital Build-Up Program, if the assuming insurer participated in that program year pro forma financial statements (post assumption) and supporting documents/analysis for the assumptions used. 21. Exposure schematic (i.e. layer charts ) demonstrating expected losses, reinsurance attachment levels, reinsurance payout levels, reinstatement(s) and surplus levels for the following using an approved model a. one 1:100 year event b. two 1:10 year events in a single season Key Assumption Agreement Terms Companies desiring to participate in the Program must enter into an Assumption Agreement with Citizens which sets forth the requirements and conditions of the assumption of policies under the Program. The assuming insurer must agree to offer to renew policies assumed under the Program for the first 10 years of the program. The Assumption Agreement contains a provision allowing forgiveness of Surplus Note principal, as a risk-sharing measure, for hurricanes occurring during the first 5 years of the note. This provision will apply based upon the assuming insurer s ratio of gross paid losses on assumed policies to gross paid losses on total policies multiplied by total net paid losses, not to exceed 20% per year (aggregate of all hurricanes) on an ultimate net loss basis. The assuming insurer must agree to replace any assumed policies which are nonrenewed or cancelled during the 10 year term with either additional Citizens policies or new voluntary policies. The replacement of policies will occur in the following progression: (i) Identify a Citizens policy in the same zip code that closely matches the policy to be replaced in terms of TIV, age of home, construction type and Florida Hurricane Catastrophe Fund premium and shall assume a Replacement Policy meeting those criteria. (ii) Identify a Citizens policy in the same zip code that closely matches the policy to be replaced in terms of Florida Hurricane Catastrophe Fund premium and shall assume a Replacement Policy meeting those criteria. (iii) If unable to identify a Citizens Replacement Policy under (ii) above, the same procedure will be followed using rating territory in place of zip code and the Insurer shall assume that policy. (iv) If unable to identify a Citizens replacement policy in the same rating territory under (iii) above, identify any Citizens policy or group of policies in the same rating territory that generate an aggregate Florida Hurricane Catastrophe Fund premium at least the same as the policy to be replaced and shall assume that policy as the Replacement Policy. (v) If unable to identify a Citizens policy in the same rating territory which generates a Florida Hurricane Catastrophe Fund premium at least the same as the policy to be replaced, select any policy or group of policies within Citizens
5 that generates at least the same amount of Florida Hurricane Catastrophe Fund premium, calculated as of the Assumption Date, as the policy to be replaced. (vi) Assuming insurer shall demonstrate to Citizens that it has made a good faith effort to identify a Replacement Policy in progressing through steps (i) through (v) above. (vii) If unable to identify a Citizens policy as provided above, may replace the policy with a private market policy in the same rating territory that has at least the same Florida Hurricane Catastrophe Fund premium as the policy to be replaced calculated as of the date of replacement. (viii) If unable to identify a Citizens policy to replace the policy in accordance with any of the above procedures, Insurer shall repay to Citizens an amount of Surplus Note principal equal to the ratio of the total surplus note (as of the assumption date) to the aggregate of 4 times the FHCF premium multiplied by 4 times the FHCF premium on the policy not retained. The assuming insurer must agree during the first 10 years of the term of the agreement not to initiate cancellation or nonrenewal of more than 10% of its voluntary book of business as of the date of assumption. Refer to the Surplus Note Assumption Agreement for additional details. The assuming insurer must agree that with renewal offers commencing January 1, 2013 and ending January 1, 2016, annual rate increases for the assumed policies will be limited to no more than 10% per policy per year. Coverage provided will be on Citizens forms for the three year period described above. Renewals after January 1, 2016 may be at the assuming insurer s filed and approved rate level and on its filed and approved voluntary policy form. Proceeds received by the assuming insurer must be maintained in a segregated fund and provide for monthly reporting to Citizens. Unless there is a hurricane, no more than 1/3 of the total note proceeds may be used in each of the first three years for reinsurance and for meeting policyholder obligations. Continuing Requirements The following may result in: 1) an increase the interest rate up to the maximum interest rate permitted by law; 2) an acceleration of the repayment of principal and interest; 3) reduction in the term of the Surplus Note; or 4) calling the Surplus Note due and demand full repayment Failure to maintain the financial eligibility requirements stated above. Using surplus note proceeds that are not in compliance with the requirements stated above. Failure to timely make a payment of interest and/or principal. Making any representation, including those made in the application, Assumption Agreement, during due diligence, or accompanying documentation, which is false or misleading. Any other material breach of the terms of this Note or the Assumption Agreement.
6 Program Oversubscription In the event that requests for surplus notes exceed the approved program amount ($350 million - $300 million Personal Lines Account and $50 million Coastal Account), proceeds will be allocated in the following manner: 1. Total proceeds allocated to any one group of insurers within the same Holding Company structure will be limited to $100 million the requested amount from insurers within that Holding Company structure will be reduced in proportion to the reduction to $100 million 2. If total requests, after the application of 1. above, remain above the program limit, each insurer s requested surplus amount will be reduced to an amount equal to the program limit divided by the total requests times the requested amount for each insurer.
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